Gurit to close its automotive production site in Hungary mid-2020
Zurich, 29 October 2019 – Gurit (SIX Swiss Exchange: GUR) announces to close its automotive production site in Hungary in 2HY 2020.
As communicated on December 19, 2018, Gurit decided to divest its Composite Components Business. Despite professionally executed divestment efforts no suitable buyer could be found. Therefore, Gurit decided now to close the plant mid-2020 under its own Management.
Gurit will make every effort to assist the affected staff and will provide separation support at the point of the plant closing mid-2020. Gurit is in contact with the customers to re-assign the residual production orders to other suppliers.
The operational performance of the site has meanwhile significantly improved in recent months. Shut-down cost is estimated at a low single digit million amount affecting the years 2019 and 2020.
The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, core material wind turbine blade kits, structural engineering and select finished parts on the other. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Hungary, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.
Gurit Group Communications
Phone: +41 44 316 15 55
E-mail. thomas.nauer (at) gurit.com
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To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.